Read Denton’s entire farewell post, but pay special attention to this passage at the end:

It’s difficult to recall now, but at Gawker’s founding there was a sense that the internet was a free space, where anything can be said. An island off the mainland, where people could be themselves. Where writers could say things that would get you fired in an instant from a print publication. Where you could say what you thought without fear of being fired, or sued out of existence. But when you try to make a business out of that freedom, the system will fight you.As our experience has shown, that freedom was illusory. The system is still there. It pushed back. The power structure remains. There are just some new people at the apex, prime among them the techlords flush with monopoly profits. They are as sensitive to criticism as any other ruling class, but with the confidence that they can transform and disrupt anything, from government to the press.

Source: How Things Work